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Credit Suisse has sold about half as much as targeted of a contingent-capital bond. "We had good attendance at the road show in Zurich and Geneva on Monday, with around 80 attendees in total," said Dominique Kunz, head of Swiss debt capital markets. "Feedback at the time was very positive, but when the market tanked on Tuesday, some of that demand fell away. With 90 orders from pretty much every private bank in the country, we saw good breadth of demand despite challenging market conditions."

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The China Securities Regulatory Commission has released guidelines for brokerages on the size of investments permitted in futures linked to government bonds. Firms are required to keep 5% of their investment as a capital reserve for a hedged position and 20% for an unhedged position.

Greek Finance Minister Yannis Stournaras says the country might need a "much smaller" rescue next year, in the vicinity of €10 billion. He has ruled out another haircut for sovereign debt. Stournaras says there is "no question" of additional debt cancellation. Greece will test the private bond market in the second half of 2014, Stournaras says.

The 2nd US Circuit Court of Appeals has ruled against Argentina and decided that the country is responsible for paying $1.33 billion to hedge funds that had refused a debt restructuring. However, enforcement of the ruling will wait until the US Supreme Court decides whether to consider the case.

International Monetary Fund Managing Director Christine Lagarde warned against a premature end to quantitative easing by major central banks and called for coordination among policymakers during a speech at the annual Federal Reserve conference in the US. Unconventional monetary policy "has been a significant success altogether", Lagarde said. However, other officials and experts at the conference were sceptical of the effect of central banks' action.

The Shanghai Stock Exchange might install a circuit breaker after an error by Everbright Securities caused the largest swing in the exchange's benchmark index since 2009. Also under consideration is a policy to allow trades to be cancelled in such situations, according to a social media post from the exchange.